Quote of the day: “Nothing is as far away as one minute ago.” – Jim Bishop
EURUSD – 1.4507 @07:10 GMT
Good morning. 1.45 is being breached as the euro continues to strengthen after pulling back from 1.4480 to 1.4380. Next upside barrier comes around 1.4600 and a potential break above the said level would open the door to more gains, aiming the highs of 2009 at 1.5. So far there’s no reversal sign on weekly and daily charts, therefore I remain bullish on EURUSD and will continue to look for buying opportunities on strength and minor pullbacks. What’s interesting in the 4-hour chart below is that previous legs up were quite similar in size – around 200 pips each. Perhaps this run-up will be similar, in this case the rally would run out of steam around 1.4580/00. Anyway, I don’t want to call tops, so it’s just an observation.
Trading strategy: looking to buy a small size at 1.4522, stop at 1.4480 (0.25% risk), target at 1.4582
Support: 1.4450, 1.4400, 1.4350, 1.4250 and 1.4130/50
Resistance: 1.4580/00, 1.4650 and 1.4700
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish
- EURUSD 4hrs chart 4-13-2011